"The United Kingdom is a great country but we face a profound economic crisis. That's why I am standing to be Leader of the Conservative Party and your next Prime Minister. I want to fix our economy, unite our Party and deliver for our country," Sunak said in a tweet.

Sunak and former UK Prime Minister Boris Johnson are considered top two contenders for the Conservative party leadership and, subsequently, the role of prime minister, since they both have managed to gather the support of 100 Conservative lawmakers necessary to participate in the leadership race.

The Telegraph newspaper reported earlier in the day that Johnson held an 11—hour negotiation with Sunak on Saturday, but they did not conclude any deal.

Outgoing UK Prime Minister Liz Truss became the shortest-serving prime minister in UK history. She will remain in office until her successor is elected. The Conservative Party will hold an online vote to pick its new leader and next prime minister from October 24-28.

(With UNI inputs)